The key to breaking out of the rat race is to build wealth. But if you can’t give up your salaried job or are hesitant to take that big leap, why not try some side hustling first? Plus, it doesn’t hurt to earn some extra income, especially in the wake of rising cost of living.
Side hustling is a way to make money outside your regular job. Here are 4 benefits of side hustling:
1. Increases your income
One of the key reasons of taking up side hustling is to increase your income. With rising cost of living, an additional source of income or anything extra that can come into your pocket is always welcome. This will help you to meet your expenses and also achieve your long-term financial goals.
2. Diversifies your income
Whenever there’s economic uncertainty, it’s always better to have more than one source of income. Having an additional or even multiple streams of income from side hustling can help you stay afloat if you suddenly lose your job. This can tide you over until your finances have stabilised.
3. Provides an opportunity to learn new skills and knowledge
When you’re side hustling, you’re actually stepping out of your comfort zone. You will need to pick up new skills and knowledge in order to make a success of your side hustle. For example, if you want to sell things online, you have to know all about digital marketing, how to set up an e-commerce store, how to source for products and how to handle logistics matters. If you’re investing in property, you will also need to learn more about the property market, attend courses, and get up to speed on the relevant rules and regulations.
4. Allows you to attain entrepreneurial experience
For some, side hustles involve starting your own business. This can involve selling things online or providing freelance or consulting services. This can provide you with great entrepreneurial skills as you’ll have to learn everything from marketing, finance, sales and customer service.